Economies of Israel, Saudi Arabia, &Turkey

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Transcript of Economies of Israel, Saudi Arabia, &Turkey

Economies of Israel, Saudi Arabia, and Turkey Israel, Saudi Arabia, andTurkey are all on the marketside of the continuum. Also, theyare all working toward more marketeconomies. In Israel the governmentowns many of the businesses,but slowly more businesses arebecoming privatized. Saudi Arabiais also trying to incourageentrepreneurship in its country. In all of the countries there are still government involvement in their economies. In Saudi Arabia the government highly controls the oil industry, but indivisuals are still able to own their own business. The government promotes entreprenuership because more company provide more jobs for the Saudis. Since the late 1980's Turkey's economy has changed from a more command ecomomy to a more market ecomomy with private businesses. By: Aileen Li and Ashley Harriott Turkey's economy relys mostly on its service and industrial sectors. The service sector accounts for 66% of its GDP and the industrial sector accounts for 26%. The rest of its GDP is earned in the agricultural sector. Saudi Arabia depends mostly on its industrial sector. The petroleum industries in Saudi Arabia accounts for 45% of its GPD. Other industries are responsible for 17% of its GDP. The service sector accounts for 35% and the agricultural sector accounts for a meer 3%. Israel Saudi Arabia Turkey Market Side of the Continuum Depend on industrial sector Compare and Contrast All Israel & Turkey Saudi Arabia & Turkey Israel & Saudi Arabia oil rig Government controls all the oil production. 68% on the continuum People have the most economic freedom 62% on the continuum 64% on the continuum People have the least amount of economic freedom compared with Saudi Arabia and Israel Mostly industry Human Capital 6 million forgein workers play role in the oil indusrty, so the government focused more on the education and training of the country's own people to decrease the country's unemployment rate and the need of forgien workers. Israel's population is well educated so the workforce could participate in many types of jobs from extremely advanced to lowerly. Saudi Arabia Israel Types of Economic Systems Promote entrepreneurship Market Traditional Command What to produce: What the consumers and the market want to

How to produce it: How the consumers and the market want to

For whom to produce it for: For who the consumers and the market want to What to produce: What's always been produced through generations

How to produce it: How it's always been produced through generations

For whom to produce it for: Who it's always been produced for through generations What to produce: What the government wants to produce

How to produce it: How the government wants to produce

For whom to produce it for: Who the government wants to produce it for No country has a pure market, traditonal, or command economy. They their economy is somewhere on the continuum. Standard: Compare and contrast the economic systems in Israel, Saudi Arabia, and Turkey. Textile industry makes up a third of the industry. Has a major petroleum industry. Textile Indusrty The oil industry makes up 90% of export profits and makes up roughly 80% of budget revenues. Israel depends on natural resources from other countries due to limited avalibility of resources on the counnty's land. Leading exports include cut diamonds, food (fruits and vegetables), and high tech equipment.